The use of mobile communication devices (also referred to as mobile devices), to facilitate payments is increasing along with the increase in mobile device usage. Several different systems and methods have been proposed and/or implemented, with varying levels of success.
The use of mobile devices for payments is driven, at least partially by the fact that users' mobile devices are typically always on their person, allowing them to process payments as and when required. Financial institutions often provide a mobile banking application, also referred to as a payment application, which users can install on their mobile devices to enable them to transact therefrom.
Adding a payee on a mobile device, especially on a payment application, may be cumbersome and/or inconvenient to a user, as it typically involves entering various details of the payee which may be relatively difficult to do on a mobile device.
Additionally, the user may be required to enter a one-time passcode or the like which may be sent to the user via an out-of-band communication format. Some payment applications may not allow a user to minimize the application to access the one-time passcode received out of band, which may further complicate this for the user.
Furthermore, some users have financial accounts at various financial service providers. As each financial service provider typically has their own unique payment application or payment system which they support and/or allow, a user with multiple financial accounts may require more than one application on their mobile device. Additionally, if a user wishes to pay a payee from more than one account, the user may have to individually associate the payee with every payment application in order to process payment to that beneficiary.
The preceding discussion of the background to the invention is intended only to facilitate an understanding of the present invention. It should be appreciated that the discussion is not an acknowledgment or admission that any of the material referred to was part of the common general knowledge in the art as at the priority date of the application.